240 Plum Point Rd #13

Dundee, NY 14842

$319,000D-

3 bd · 2.0 ba · 1,260 sqft · Built 2022 · SingleFamily · Active · 70 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,149/mo
• Mortgage (P&I): −$1,673
• Tax + insurance: −$532
• HOA: −$0
• Vac / Maint / Mgmt: −$241
• Net cashflow: $-1,297/mo
• Annual: $-15,562/yr
• Cap rate: 1.41%
• Cash-on-cash: -17.42%
• DSCR: 0.22
• 1% rule: 0.36%
• Cash to close: $89,320

Investor read

• This is a 3-bed/2.0-bath single-family listed at $319k.
• At list price, monthly cash flow is $-1k ($-16k/yr) — negative.
• To cash-flow at today's rent, offer at most $131k (58.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $115k (64.0% below list).
• It's been on market 70 days — a 6% lower offer ($300k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $115k (64.0% below list) — sets the bar for 1% rule.
• In year one you build about $34k of equity ($2k loan paydown + $32k appreciation (10.0% local appreciation)).
• Location reads 67/100 on livability (#576 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: schools C-, employment D+, health & safety D.
• Dundee Central School District (rural): math 42% / reading 53% proficiency, ranked #431 of 590 in NY (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 7 active listings in the ZIP; 107 units permitted in Yates County in 2024 (8 in 5+ unit buildings).
• Yates County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• By year 2, paydown + projected appreciation supports a ~$55k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 70 days. Have you received any prior offers? Is the seller open to a 64% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
• Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?